UK sees higher-than-expected budget deficit of £14.3 bn in Nov: ONS

The figure marks the fourth-highest November total since monthly records began in 1993.

Public sector net debt excluding public sector banks (debt) stood at £2.67 trillion, around 97.5 per cent of the UK's annual gross domestic product (GDP); this is 1.8 percentage points higher than the figure in November last year.

"Borrowing in the financial year-to-November 2023 was £116.4 billion, £24.4 billion more than in the same eight-month period last year and the second highest financial year-to-November borrowing on record," ONS said in a release.

"Payments relating to the energy price schemes that began in October 2022 have now stopped. However, these reductions in spending were offset by other inflation-related costs, such as increased benefit payments," it noted.

The UK government’s net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was £17.4 billion in November this year, £8.1 billion less than in the same month last year.

ALCHEMPro News Desk (DS)